VST Industries Ltd

₹ 260 -1.53%

21 Apr - close price

About

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.(Source : 202003 Annual Report Page No: 93)

Key Points

Leading Cigarette Manufacturer
The company is the 3rd largest player in the domestic cigarette market, with a significant presence in West Bengal, Andhra Pradesh, Telangana, Bihar, and UP with a 8% market share based on volume. ^[1] Its cigarette brand Total is among the top 10 brands in the industry. ^[2]

Website BSE NSE

Market Cap ₹ 4,422 Cr.
Current Price ₹ 260
High / Low ₹ 350 / 200
Stock P/E 15.1
Book Value ₹ 85.1
Dividend Yield 3.85 %
ROCE 28.2 %
ROE 21.1 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 75.4%

Cons

The company has delivered a poor sales growth of 5.68% over past five years.
Promoter holding is low: 32.2%
Working capital days have increased from 175 days to 285 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Cigarettes & Tobacco Products Cigarettes & Tobacco Products

Part of BSE Fast Moving Consumer Goods BSE 1000

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	302	333	350	363	375	321	360	367	349	298	336	373	457
	220	228	271	290	278	248	292	299	280	221	258	288	249
Operating Profit	82	105	79	72	97	73	68	68	70	77	79	86	208
OPM %	27%	32%	23%	20%	26%	23%	19%	19%	20%	26%	23%	23%	46%
	16	12	29	9	30	9	8	108	10	11	12	9	9
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	8	8	9	10	11	10	11	11	12	12	12	14	63
Profit before tax	90	109	99	71	115	72	65	166	67	76	78	81	155
Tax %	23%	23%	23%	24%	23%	26%	26%	18%	21%	26%	24%	26%	24%
	69	84	76	54	88	54	48	136	53	56	59	60	117
EPS in Rs	4.04	4.93	4.47	3.16	5.19	3.15	2.80	8.02	3.12	3.30	3.49	3.55	6.87
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	836	883	922	948	1,099	1,239	1,111	1,178	1,292	1,420	1,398	1,465
	594	646	675	654	746	825	700	767	910	1,067	1,119	1,015
Operating Profit	243	237	248	294	353	415	411	412	383	353	279	450
OPM %	29%	27%	27%	31%	32%	33%	37%	35%	30%	25%	20%	31%
	18	20	20	25	39	47	42	47	76	80	135	41
Interest	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	32	31	37	39	41	42	35	30	30	38	44	101
Profit before tax	229	227	231	279	351	420	417	428	429	395	370	390
Tax %	33%	32%	34%	35%	35%	28%	26%	25%	24%	24%	21%	25%
	152	153	152	182	227	304	311	320	327	302	290	292
EPS in Rs	8.96	9.01	8.92	10.71	13.35	17.90	18.29	18.85	19.25	17.75	17.10	17.21
Dividend Payout %	71%	71%	76%	66%	65%	52%	57%	68%	71%	77%	80%	70%

Compounded Sales Growth
10 Years:	5%
5 Years:	6%
3 Years:	4%
TTM:	5%

Compounded Profit Growth
10 Years:	8%
5 Years:	-1%
3 Years:	-4%
TTM:	38%

Stock Price CAGR
10 Years:	6%
5 Years:	-3%
3 Years:	-5%
1 Year:	-16%

Return on Equity
10 Years:	28%
5 Years:	24%
3 Years:	21%
Last Year:	21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	15	15	15	15	15	15	15	15	15	15	170	170
Reserves	331	355	524	567	649	772	925	1,059	1,164	1,237	1,153	1,276
	0	0	0	0	0	0	0	0	0	0	0	0
	479	457	259	482	541	610	545	516	474	468	493	570
Total Liabilities	826	827	798	1,064	1,205	1,397	1,486	1,591	1,654	1,720	1,816	2,016
	198	174	220	195	213	187	173	195	590	268	307	244
CWIP	0	41	1	34	0	13	33	10	0	47	1	0
Investments	171	162	174	416	575	753	887	971	577	447	532	559
	457	450	403	419	416	444	393	415	486	958	976	1,213
Total Assets	826	827	798	1,064	1,205	1,397	1,486	1,591	1,654	1,720	1,816	2,016

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	118	132	146	420	290	331	286	277	181	167	193	218
	3	-24	-18	-264	-148	-155	-144	-96	47	79	10	-31
	-126	-130	-130	-139	-144	-177	-159	-187	-224	-231	-221	-170
Net Cash Flow	-6	-22	-2	17	-2	-0	-17	-5	5	16	-18	17
Free Cash Flow	94	80	101	377	264	310	240	229	-222	75	255	176
CFO/OP	81%	83%	90%	177%	119%	105%	96%	93%	72%	73%	101%	76%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	5	5	5	11	5	5	5	10	12	12	17	12
Inventory Days	336	316	257	196	187	182	226	210	205	220	222	359
Days Payable	71	54	44	45	55	87	84	74	57	57	58	66
Cash Conversion Cycle	270	267	218	162	137	99	148	147	161	175	180	305
Working Capital Days	-32	-18	43	-44	-58	-63	-58	-42	-4	118	122	285
ROCE %	65%	58%	51%	50%	56%	58%	48%	42%	38%	32%	21%	28%

Insights

In beta

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Cigarette Sales Volume
Million Sticks

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Unmanufactured Tobacco Sales
Rs. Crores

Retail Outlet Reach
Million Outlets

Number of Dealers/Wholesalers
Count

Number of Partnered Farmers
Count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%
	1.55%	1.40%	1.39%	1.37%	1.83%	1.82%	1.98%	1.87%	1.60%	1.38%	1.22%	1.34%
	17.24%	17.54%	17.52%	15.69%	12.64%	9.07%	8.96%	7.22%	6.24%	6.23%	6.31%	6.63%
	48.69%	48.53%	48.57%	50.42%	53.00%	56.77%	56.71%	58.57%	59.81%	60.03%	60.11%	59.69%
	0.37%	0.37%	0.37%	0.37%	0.37%	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%
No. of Shareholders	31,258	30,431	31,073	32,868	34,355	1,05,832	1,22,857	1,50,548	1,58,755	1,54,521	1,51,077	1,46,815

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%
	9.74%	9.50%	8.87%	5.47%	2.80%	1.75%	1.64%	1.37%	1.87%	1.34%
	14.36%	14.99%	17.88%	15.53%	17.54%	16.59%	16.87%	15.69%	7.22%	6.63%
	43.74%	43.35%	41.09%	46.84%	47.50%	49.29%	48.96%	50.42%	58.57%	59.69%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.37%	0.37%	0.19%	0.19%
No. of Shareholders	13,569	13,748	14,638	16,000	24,186	33,441	32,002	32,868	1,50,548	1,46,815

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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VST Industries Ltd

VST Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

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